Dodge & Cox

Q1 2017 13F

As of: Mar 31, 2017
Filed: May 12, 2017
US stock: $117.7B · prev $112.5B
Positions: 178 · prev 181
Options notional: $0
Documents: 1· no amendments

Picture99.2% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.2%
Foreign stock not listed in the US 0.8%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves149 since the prior filing

+2.9 pp in · −2.9 pp out

New 0 0.00 pp
Added 27 +2.93 pp
Trimmed 119 −2.92 pp
Exited 3 0.00 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.1 years per position

Low
Moderate
High

Top 5 positions18% of US stock

HPE Hewlett Packard Enterprise Company added−0.01 pp added−0.014.3%
BAC Bank of America Corporation trimmed+0.02 pp trimmed+0.023.7%
WFC Wells Fargo & Co. trimmed−0.13 pp trimmed−0.133.4%
SCHW The Charles Schwab Corporation trimmed−0.08 pp trimmed−0.083.3%
COF Capital One Financial trimmed−0.22 pp trimmed−0.223.3%

Positions178 in this filing · 3 exited


HPEHewlett Packard Enterprise Company	4.28%	212,762,860	$5.0B	added+2%	−0.01 pp	6 q
BACBank of America Corporation	3.72%	185,448,539	$4.4B	trimmed−1%	+0.02 pp	16 q
WFCWells Fargo & Co.	3.37%	71,190,652	$4.0B	trimmed−0%	−0.13 pp	16 q
SCHWThe Charles Schwab Corporation	3.31%	95,552,125	$3.9B	trimmed−1%	−0.08 pp	16 q
COFCapital One Financial	3.28%	44,582,892	$3.9B	trimmed−1%	−0.22 pp	16 q
NVSNovartis AG	3.19%	50,585,790	$3.8B	added+11%	+0.23 pp	16 q
CHTRCharter Comm Inc Del CL A New	2.84%	10,225,842	$3.3B	trimmed−1%	+0.19 pp	4 q
SLBSLB Limited	2.84%	42,777,298	$3.3B	trimmed−9%	−0.67 pp	16 q
GSGoldman Sachs Group Inc.	2.73%	14,002,587	$3.2B	trimmed−1%	−0.29 pp	16 q
TWXTime Warner Inc	2.63%	31,732,422	$3.1B	trimmed−2%	−0.15 pp	16 q
SNYSanofi	2.61%	67,977,413	$3.1B	trimmed−1%	+0.15 pp	16 q
CMCSAComcast Corp	2.41%	75,400,283	$2.8B	trimmed−2%	+0.06 pp	16 q
MSFTMicrosoft Corp	2.36%	42,209,631	$2.8B	trimmed−1%	0.00 pp	16 q
GOOGAlphabet Inc. Class C	2.28%	3,237,600	$2.7B	added+5%	+0.16 pp	12 q
JPMJPMorgan Chase & Co.	1.97%	26,367,890	$2.3B	trimmed−1%	−0.07 pp	16 q
FDXFedEx Corporation	1.91%	11,493,467	$2.2B	trimmed−1%	0.00 pp	16 q
AXPAmerican Express Company	1.88%	28,042,105	$2.2B	trimmed−2%	−0.01 pp	16 q
unresolvedTwenty First Centy Fox Inc	1.88%	68,409,689	$2.2B	trimmed−1%	+0.16 pp	16 q
CSCOCisco Systems, Inc. (DE)	1.85%	64,558,463	$2.2B	added0%	+0.12 pp	11 q
METMetLife, Inc.	1.83%	40,811,711	$2.2B	trimmed−1%	−0.14 pp	16 q
BNYBank of New York Mellon Corporation	1.81%	45,008,588	$2.1B	trimmed−9%	−0.28 pp	16 q
unresolvedCigna Corporation	1.79%	14,399,578	$2.1B	trimmed−0%	+0.08 pp	16 q
HPQHP Inc.	1.79%	118,064,074	$2.1B	trimmed−15%	−0.05 pp	6 q
0VQJLTe Connectivity Ltd	1.73%	27,341,707	$2.0B	trimmed−1%	+0.03 pp	16 q
unresolvedExpress Scripts Hldg Co	1.61%	28,800,496	$1.9B	added+36%	+0.32 pp	14 q
AZNNAstrazeneca Plc-spons ADR	1.51%	56,906,499	$1.8B	added+15%	+0.31 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.41%	10,142,183	$1.7B	trimmed−2%	−0.06 pp	16 q
BMYBristol-Myers Squibb Co.	1.35%	29,120,190	$1.6B	added+29%	+0.18 pp	16 q
WMTWalmart Inc.	1.31%	21,385,083	$1.5B	trimmed−2%	−0.03 pp	16 q
unresolvedSprint Corporation	1.29%	175,436,817	$1.5B	trimmed−1%	−0.04 pp	15 q
9990302DApache Corp	1.26%	28,770,336	$1.5B	trimmed−0%	−0.37 pp	16 q
unresolvedPriceline Grp Inc	1.24%	818,803	$1.5B	added+2%	+0.20 pp	8 q
unresolvedBaker Hughes Inc.	1.23%	24,237,769	$1.4B	trimmed−6%	−0.25 pp	16 q
UNPUnion Pacific Corp.	1.23%	13,648,408	$1.4B	trimmed−3%	−0.06 pp	16 q
APCAnadarko Petroleum Corp	1.20%	22,828,608	$1.4B	trimmed−0%	−0.22 pp	16 q
JCIJohnson Controls International plc	1.13%	31,531,650	$1.3B	trimmed−1%	−0.03 pp	3 q
JDJD.com, Inc.	1.08%	40,809,636	$1.3B	trimmed−1%	+0.15 pp	6 q
NOVNOV Inc.	1.07%	31,342,539	$1.3B	added0%	+0.03 pp	13 q
CECelanese Corporation	0.98%	12,891,355	$1.2B	trimmed−3%	+0.05 pp	16 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.97%	124,024,903	$1.1B	added0%	0.00 pp	16 q
SUSuncor Energy, Inc.	0.89%	34,233,900	$1.1B	added+64%	+0.28 pp	3 q
DISHDISH Network Corp.	0.87%	16,213,580	$1.0B	trimmed−0%	+0.03 pp	16 q
LBTYKLiberty Global Ltd. Class C	0.86%	28,750,747	$1.0B	trimmed−0%	+0.10 pp	16 q
unresolvedUBS Group AG	0.85%	62,646,927	$1.0B	added+45%	+0.25 pp	6 q
TVGrupo Televisa S.A.	0.84%	38,021,317	$986M	added+4%	+0.16 pp	16 q
MDTMedtronic plc	0.84%	12,212,276	$984M	added+14%	+0.16 pp	9 q
BIDUBaidu, Inc.	0.83%	5,665,387	$977M	trimmed−0%	0.00 pp	16 q
BBTTruist Financial Corporation	0.80%	21,005,769	$939M	trimmed−1%	−0.09 pp	16 q
MRKMerck & Co., Inc.	0.74%	13,689,174	$870M	trimmed−2%	+0.01 pp	16 q
MXIMMaxim Integrated Products	0.72%	18,815,873	$846M	trimmed−2%	+0.06 pp	16 q
VMWVMware, Inc	0.72%	9,235,371	$851M	trimmed−3%	+0.06 pp	6 q
SNPSSynopsys Inc	0.69%	11,192,275	$807M	trimmed−3%	+0.09 pp	16 q
GLWCorning Incorporated	0.66%	28,633,730	$773M	trimmed−8%	−0.01 pp	16 q
CXOConcho Resources Inc.	0.60%	5,539,330	$711M	added0%	−0.05 pp	7 q
unresolvedDell Technologies Inc	0.57%	10,506,339	$673M	trimmed−20%	−0.07 pp	3 q
unresolvedCoach Inc	0.53%	15,112,157	$625M	trimmed−1%	+0.06 pp	16 q
NTAPNetApp, Inc	0.52%	14,683,835	$615M	trimmed−36%	−0.20 pp	16 q
TGTTarget Corporation	0.51%	10,922,697	$603M	added0%	−0.19 pp	16 q
CXCemex S.A.B. de C.V.	0.49%	63,084,626	$572M	added+31%	+0.15 pp	16 q
LBTYALiberty Global Ltd. Class A	0.49%	16,149,987	$579M	added0%	+0.05 pp	16 q
unresolvedAegon NV	0.47%	108,294,447	$556M	trimmed−0%	−0.06 pp	16 q
0WEWeatherford International plc	0.47%	83,446,721	$555M	added0%	+0.10 pp	11 q
ZAYOZayo Group Holdings, Inc.	0.46%	16,469,578	$542M	added+13%	+0.03 pp	2 q
HOGHarley-Davidson, Inc.	0.45%	8,772,012	$531M	trimmed−1%	−0.01 pp	7 q
JNPJuniper Networks Inc	0.42%	17,616,080	$490M	added×2.8	+0.26 pp	10 q
ALNYAlnylam Pharmaceuticals, Inc.	0.41%	9,399,245	$482M	added+2%	+0.10 pp	4 q
unresolvedLiberty Interactive Corp	0.41%	23,822,043	$477M	added+19%	+0.06 pp	16 q
ELVElevance Health, Inc.	0.40%	2,839,368	$470M	trimmed−6%	+0.02 pp	10 q
unresolvedTwenty First Centy Fox Inc	0.38%	14,087,860	$448M	trimmed−0%	+0.04 pp	7 q
DHRDanaher Corporation	0.37%	5,099,223	$436M	trimmed−2%	+0.01 pp	11 q
unresolvedAgrium Inc.	0.34%	4,237,126	$405M	trimmed−4%	−0.06 pp	7 q
GOOGLAlphabet Inc. Class A	0.23%	319,073	$271M	trimmed−3%	0.00 pp	6 q
HMCHonda Motor Co., Ltd.	0.13%	5,241,155	$159M	trimmed−9%	−0.02 pp	16 q
1LGEUSDLiberty Global PLC Lilac - C	0.13%	6,661,009	$153M	added+2%	+0.01 pp	7 q
NWSANews Corporation Class A	0.11%	9,841,561	$128M	added+33%	+0.03 pp	15 q
99998USDLiberty Global PLC Lilac - A	0.09%	5,012,589	$111M	added+1%	−0.01 pp	7 q
ITUBItau Unibanco Holding S.A.	0.06%	5,868,216	$71M	trimmed−1%	+0.01 pp	3 q
CVXChevron Corporation	0.04%	450,688	$48M	trimmed−8%	−0.01 pp	16 q
CDNSCadence Design Systems	0.03%	1,000,644	$31M	trimmed−9%	+0.01 pp	16 q
unresolvedGeneral Electric Co	0.03%	1,262,227	$38M	trimmed−14%	−0.01 pp	16 q
ADBEAdobe Inc.	0.02%	154,177	$20M	trimmed−17%	0.00 pp	16 q
unresolvedDow Chemical Co	0.02%	359,705	$23M	trimmed−6%	0.00 pp	16 q
PFEPfizer Inc.	0.02%	678,070	$23M	trimmed−9%	0.00 pp	16 q
unresolvedSunTrust Banks Inc	0.02%	420,780	$23M	trimmed−19%	−0.01 pp	16 q
TRVThe Travelers Companies, Inc.	0.02%	183,583	$22M	trimmed−4%	0.00 pp	16 q
BSXBoston Scientific Corp.	0.01%	328,655	$8M	trimmed−12%	0.00 pp	16 q
unresolvedCredit Suisse Group Spon ADR	0.01%	929,324	$14M	trimmed−1%	0.00 pp	16 q
DEODiageo plc	0.01%	56,474	$7M	trimmed−21%	0.00 pp	16 q
DISThe Walt Disney Company	0.01%	56,156	$6M	trimmed−9%	0.00 pp	16 q
EBAYeBay Inc	0.01%	277,557	$9M	trimmed−35%	0.00 pp	16 q
ERICEricsson	0.01%	1,920,213	$13M	trimmed−2%	0.00 pp	16 q
XOMExxon Mobil Corp	0.01%	135,412	$11M	trimmed−2%	0.00 pp	16 q
HDHome Depot, Inc.	0.01%	74,430	$11M	trimmed−13%	0.00 pp	16 q
IBNICICI Bank Limited	0.01%	1,925,300	$17M	held	—	2 q
IBMInternational Business Machines Corporation	0.01%	95,985	$17M	trimmed−3%	0.00 pp	16 q
OXYOccidental Petroleum Corporation	0.01%	165,122	$10M	trimmed−7%	0.00 pp	16 q
PYPLPayPal Holdings, Inc.	0.01%	138,320	$6M	trimmed−30%	0.00 pp	7 q
PGProcter & Gamble Company	0.01%	145,328	$13M	trimmed−3%	0.00 pp	16 q
RDS.ARoyal Dutch Shell PLC	0.01%	244,107	$13M	trimmed−96%	−0.29 pp	16 q
SYMCGen Digital Inc.	0.01%	561,160	$17M	trimmed−93%	−0.15 pp	16 q
TMOThermo Fisher Scientific, Inc.	0.01%	48,287	$7M	trimmed−3%	0.00 pp	16 q
USBU.S. Bancorp	0.01%	127,634	$7M	trimmed−15%	0.00 pp	16 q
VMCVulcan Materials Company(Holding Company)	0.01%	73,196	$9M	trimmed−15%	0.00 pp	16 q
ADNTAdient plc	0.01%	97,001	$7M	trimmed−97%	−0.16 pp	2 q
ABTAbbott Laboratories	0.00%	29,268	$1M	held	—	16 q
ABBVAbbvie Inc.	0.00%	33,232	$2M	held	—	16 q
APDAir Products & Chemicals, Inc.	0.00%	6,150	$832,000	trimmed−1%	0.00 pp	16 q
ALLThe Allstate Corporation	0.00%	3,796	$309,000	held	—	16 q
MOAltria Group, Inc.	0.00%	23,800	$2M	held	—	16 q
AMZNAmazon.Com Inc	0.00%	955	$847,000	trimmed−5%	0.00 pp	11 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	347,000	$5M	added+26%	0.00 pp	2 q
AMPAmeriprise Financial, Inc.	0.00%	2,942	$382,000	trimmed−8%	0.00 pp	16 q
AMGNAmgen Inc	0.00%	32,137	$5M	trimmed−18%	−0.01 pp	16 q
AAPLApple Inc.	0.00%	13,200	$2M	trimmed−11%	0.00 pp	16 q
ADPAutomatic Data Processing	0.00%	2,050	$210,000	held	—	2 q
BDXBecton, Dickinson and Co.	0.00%	8,830	$2M	trimmed−36%	0.00 pp	16 q
BRK.ABerkshire Hathaway Inc.	0.00%	3	$750,000	held	—	16 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	17,400	$3M	trimmed−2%	0.00 pp	16 q
unresolvedCsra Inc	0.00%	23,150	$678,000	trimmed−45%	0.00 pp	6 q
KMXCarMax Inc.	0.00%	41,840	$2M	trimmed−32%	0.00 pp	16 q
CATCaterpillar Inc.	0.00%	54,802	$5M	trimmed−4%	0.00 pp	16 q
CCitigroup Inc.	0.00%	3,950	$236,000	trimmed−11%	0.00 pp	11 q
CTXSCitrix Systems Inc	0.00%	7,526	$628,000	trimmed−6%	0.00 pp	16 q
KOCoca-Cola Company	0.00%	34,242	$1M	held	—	16 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	16 q
unresolvedComputer Sciences Corp	0.00%	38,200	$3M	trimmed−2%	0.00 pp	16 q
COPConocoPhillips	0.00%	25,288	$1M	held	—	16 q
DEDeere & Company	0.00%	24,883	$3M	trimmed−4%	0.00 pp	16 q
DDominion Energy, Inc	0.00%	4,712	$366,000	held	—	16 q
UFSDOMTAR CORPORATION (New)	0.00%	6,200	$226,000	held	—	16 q
unresolvedDu Pont E I De Nemours & Co	0.00%	29,716	$2M	trimmed−4%	0.00 pp	16 q
DUKDuke Energy Corporation	0.00%	12,267	$1M	trimmed−5%	0.00 pp	16 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$586,000	held	—	16 q
EQIXEquinix, Inc.	0.00%	654	$262,000	trimmed−13%	0.00 pp	9 q
FLRFluor Corporation	0.00%	6,205	$327,000	trimmed−14%	0.00 pp	16 q
GISGeneral Mills, Inc.	0.00%	11,200	$661,000	held	—	16 q
GPCGenuine Parts Company	0.00%	20,562	$2M	trimmed−6%	0.00 pp	16 q
GILDGilead Sciences Inc	0.00%	3,250	$221,000	held	—	11 q
unresolvedGlaxosmithkline PLC	0.00%	32,187	$1M	trimmed−12%	0.00 pp	16 q
HALHalliburton Company	0.00%	9,200	$453,000	held	—	16 q
HONHoneywell International, Inc.	0.00%	7,531	$940,000	held	—	16 q
JNJJohnson & Johnson	0.00%	33,374	$4M	trimmed−2%	0.00 pp	16 q
KMBKimberly-Clark Corp.	0.00%	3,943	$519,000	trimmed−2%	0.00 pp	16 q
PHGKoninklijke Philips N.v.	0.00%	23,850	$766,000	held	—	16 q
KHCThe Kraft Heinz Company	0.00%	3,946	$358,000	held	—	7 q
unresolvedLevel 3 Communications Inc	0.00%	4,778	$273,000	held	—	11 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.00%	7,589	$345,000	trimmed−2%	0.00 pp	2 q
unresolvedLiberty Ventures	0.00%	11,383	$506,000	trimmed−2%	0.00 pp	2 q
LLYEli Lilly & Co.	0.00%	26,997	$2M	trimmed−6%	0.00 pp	16 q
MMacy's Inc.	0.00%	10,000	$296,000	held	—	16 q
MRSHMarsh	0.00%	3,860	$285,000	held	—	11 q
MCDMcDonald's Corporation	0.00%	22,906	$3M	trimmed−7%	0.00 pp	16 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$510,000	held	—	16 q
MCOMoody's Corporation	0.00%	3,300	$370,000	held	—	16 q
MSIMotorola Solutions, Inc. New	0.00%	66,596	$6M	held	—	16 q
NEENextEra Energy, Inc.	0.00%	9,546	$1M	trimmed−2%	0.00 pp	16 q
NSCNorfolk Southern Corp.	0.00%	4,797	$537,000	trimmed−11%	0.00 pp	16 q
NUENucor Corporation	0.00%	72,400	$4M	held	—	16 q
PNCPNC Financial Services Group	0.00%	20,600	$2M	trimmed−1%	0.00 pp	16 q
PPGPPG Industries, Inc.	0.00%	18,000	$2M	held	—	16 q
PHParker-Hannifin Corporation	0.00%	4,381	$702,000	trimmed−5%	0.00 pp	16 q
PEPPepsiCo, Inc.	0.00%	4,545	$508,000	trimmed−13%	0.00 pp	16 q
PMPhilip Morris International Inc.	0.00%	19,400	$2M	trimmed−3%	0.00 pp	16 q
PSXPhillips 66	0.00%	6,877	$545,000	trimmed−1%	0.00 pp	16 q
QCOMQualcomm Inc	0.00%	5,430	$311,000	held	—	11 q
RIORio Tinto plc	0.00%	12,400	$504,000	trimmed−17%	0.00 pp	16 q
SPGIS&P Global Inc.	0.00%	17,062	$2M	held	—	4 q
STTState Street Corporation	0.00%	4,600	$366,000	trimmed−6%	0.00 pp	16 q
MMM3M Company	0.00%	20,686	$4M	trimmed−6%	0.00 pp	16 q
unresolvedUnilever Spn.Adr 1:1	0.00%	23,500	$1M	trimmed−30%	0.00 pp	16 q
UNUnilever N V -ny Shares	0.00%	55,576	$3M	trimmed−3%	0.00 pp	16 q
UTXZRTX Corporation	0.00%	2,321	$260,000	held	—	4 q
VZVerizon Communications	0.00%	5,500	$268,000	held	—	16 q
VVISA Inc.	0.00%	7,280	$647,000	trimmed−4%	0.00 pp	11 q
WBAWalgreens Boots Alliance, Inc	0.00%	7,569	$629,000	trimmed−6%	0.00 pp	10 q
unresolvedXerox Corp	0.00%	13,000	$95,000	trimmed−24%	0.00 pp	16 q
unresolvedYahoo Inc	0.00%	5,500	$255,000	held	—	11 q
CBChubb Limited	0.00%	11,009	$2M	trimmed−29%	0.00 pp	5 q
HESHess Corporation	—	−4,106	—	exited	0.00 pp	—
LOWLowe's Companies Inc.	—	−3,910	—	exited	0.00 pp	—
MSMorgan Stanley	—	−5,500	—	exited	0.00 pp	—